US grain futures found pressure from harvest in corn and soybeans as well as a firmer US dollar. Fundamentally world cash values were more or less flat with Algeria and Egypt picking up wheat this week at around US$270-5 C&F, pretty much where values were last week.
Paris milling wheat futures and cash offers out of the US Pacific Northwest for both US and Canadian wheat were lower overnight. Rapeseed and canola futures fell away after sharp losses on Chicago soybean futures, the key according to many market reports this morning is again, harvest pressure both in the US and Canada from beans and canola.
US weekly wheat export volume was low last week, just 321kt for both old and new crop. The US marketing year to date sales volume remains 17% below last years pace at 8.92mt sold so far. The US marketing year for wheat starts on June 1st.
As a comparison to volume, Russian wheat exports for the month of September are predicted to be 4.9mt according to private analyst SovEcon. Year to date Russian wheat exports are about 12.8mt, that’s better than this time last year.

Algeria biz remains unconfirmed but trade speculation is that they purchased 600kt of milling wheat at US$274-5 C&F. Algerian tender results are generally not made public, thus values and volume are often speculative.

World Ag Weather shows conditions in Argentina remaining dry across Cordoba and Santiago provinces in the northern wheat region. La Pampa and Buenos Aires provinces to the east remain better off, still dry, but not as dry as the major wheat region. The IGC reduced their Argie wheat# by 900kt.